Soybeans Clawing Back Gains at Midday with Meal Help
Soybeans are trading higher at Tuesday’s midday, showing some Turnaround action, up 3 to 5 cents. CmdtyView’s national front month Cash Bean price is up 3 1/2 cents at $9.98 1/4. Soymeal continues to lead the charge, up another $8.60/ton. Soy Oil futures are up 24 points so far on the day.
A private export sale of 120,000 MT of soybeans was reported to unknown destinations this morning for 2024/25 shipment.
Crop Progress data showed the US soybean crop was 81% dropping leaves, as harvest was 26% complete, both 8 percentage points faster than average. Harvest pace was ahead of, or on pace, in all but KS, NC, and SD. A drier outlook for the next week should allow for harvest to push along.
Condition ratings were unchanged at 64% gd/ex, with the Brugler500 index steady at 362. Ratings by state saw IL and NE up 3 points, with ND and MI 6 points higher and OH improving 23 points. There was some deterioration noted in NC, down 10 points, and TN, losing 16 points and both impacted by Helene. Ratings in SD were down 14 points with MN slipping 2, as IA dropped by 1.
StoneX estimates the Brazilian soybean crop at 165.03 MMT for 2024/25, steady with the previous estimate.
Nov 24 Soybeans are at $10.60 3/4, up 3 3/4 cents,
Nearby Cash is at $9.98 1/4, up 3 1/2 cents,
Jan 25 Soybeans are at $10.79 1/2, up 4 1/4 cents,
May 25 Soybeans are at $11.06 1/4, up 4 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.